隨著機構投資者的堆積，比特幣將加密貨幣拋在後面

加密市場正在經歷深刻的轉變，比特幣比以往任何時候都成為數字金融領域的核心要素。雖然以前的周期看到Altcoins受益於BTC的崛起，但目前的動態正在發生前所未有的轉變。

The crypto market is undergoing a profound transformation, and bitcoin is more than ever the central element of the digital financial landscape. While previous cycles saw altcoins benefiting from BTC’s rise, the current dynamics are taking an unprecedented turn. Institutional investors are massively favoring bitcoin, while neglecting the thousands of tokens that are still increasing in number. Its dominance index jumped by 15.5 % in January 2025, reaching nearly 59 %, a level that illustrates a clear imbalance between BTC and the rest of the market. This rising power is not only due to the influx of capital. Political decisions, ETF performances, and the exhaustion of altcoins are strengthening the supremacy of the king of cryptos. In the face of these transformations, is bitcoin in the process of permanently detaching itself from the traditional crypto market?

加密市場正在經歷深刻的轉變，比特幣比以往任何時候都成為數字金融領域的核心要素。雖然以前的周期看到Altcoins受益於BTC的崛起，但目前的動態正在發生前所未有的轉變。機構投資者非常喜歡比特幣，同時忽略了數千個仍在增加數量的代幣。它的優勢指數在2025年1月上升了15.5％，達到了近59％，這一水平表明了BTC和其他市場之間的明顯失衡。這種上升的力量不僅是由於資本的湧入。政治決定，ETF表現和替代幣的精疲力盡正在加強加密王的至高無上。面對這些轉型，比特幣在永久脫離傳統加密市場的過程中嗎？

Bitcoin, an essential asset for institutional investors

比特幣是機構投資者的重要資產

The crypto market is experiencing exponential inflation of new tokens, a situation that worries some major players. Brian Armstrong, CEO of Coinbase, lamented on social network X (formerly Twitter) on January 26, 2025, the creation “of about one million tokens per week”, a number that is constantly increasing, thus calling for a reform of the crypto listing process in the United States. While altcoins are multiplying without real control, bitcoin is following a radically opposite trajectory and is attracting ever more substantial institutional capital.

加密市場正經歷新令牌的指數通貨膨脹，這種情況使一些主要參與者感到擔憂。 Coinbase首席執行官Brian Armstrong於2025年1月26日在社交網絡X（以前為Twitter）上感嘆，“每週約一百萬個令牌”的創作，這一數字不斷增加，因此呼籲對加密貨幣清單進行改革在美國的過程。雖然Altcoins在沒有真正控制的情況下繁殖，但比特幣遵循了根本相反的軌跡，並且正在吸引更大的機構資本。

The rapid ascent of bitcoin is no accident. The approval of Bitcoin ETFs has opened the door to an unprecedented influx of institutional capital, which is profoundly transforming the market’s structure. In just one year, the assets under management of bitcoin funds have increased from $1.17 billion to $39.57 billion, illustrating a massive enthusiasm from traditional investors.

比特幣的快速上升絕非偶然。比特幣ETF的批准為機構資本的前所未有的湧入打開了大門，這正在深刻地改變了市場的結構。在短短一年內，比特幣基金管理的資產從11.7億美元增加到395.7億美元，這表明了傳統投資者的熱情。

This interest extends beyond private players. Several U.S. states, such as Wyoming, Arizona, and New Hampshire, are considering integrating bitcoin into their public reserves, a project that could redefine its status within economic policies. Such political adoption enhances the perception of bitcoin as a strategic asset, independent of the usual speculative cycles of cryptos.

這種興趣超出了私人參與者。懷俄明州，亞利桑那州和新罕布什爾州等美國幾個州都在考慮將比特幣整合到其公共儲備中，該項目可以重新定義其在經濟政策中的地位。這種政治採用增強了比特幣作為一種戰略資產的看法，與通常的投機性循環無關。

The impact is even more visible in the market as whales continue to accumulate significant amounts of BTC. This dynamic reduces supply and lowers the probabilities of a sharp correction. Sam Wouters, an analyst at River Financial, observes that “in this cycle, bitcoin is leaving crypto behind”, while strategist Tuur Demeester bluntly asserts in a post on January 29 on X (formerly Twitter) that “altseason is dead”. More than just a simple cyclical phenomenon, this trend reveals a major structural change: bitcoin is establishing itself as a fully-fledged asset, detached from the rest of the crypto market.

隨著鯨魚繼續積累大量的BTC，影響在市場上更加明顯。這種動態減少了供應並降低了急劇校正的概率。 River Financial的分析師Sam Wouters觀察到“在這個週期中，比特幣將留下加密貨幣”，而戰略家Tuur DeMeester在1月29日在X（以前是Twitter）的帖子中坦率地斷言“ Altseason已死”。這種趨勢不僅僅是一種簡單的周期性現象，還揭示了一個重大的結構性變化：比特幣將自己確立為一個成熟的資產，與加密貨幣市場的其餘部分分離。

Ethereum and altcoins struggling against bitcoin

以太坊和山寨幣與比特幣鬥爭

This situation results from several factors. Ethereum’s transaction fees remain high, making its use less attractive for investors and everyday users. Meanwhile, alternatives like Solana are gaining ground and offering faster, cheaper solutions. Uncertainty around upcoming developments in Ethereum also fuels this trend. Internal debates on scalability strategies and changes in leadership within the ecosystem undermine investor confidence.

這種情況來自幾個因素。以太坊的交易費用仍然很高，這使得對投資者和日常用戶的使用量降低。同時，諸如Solana之類的替代方案正在獲得地面，並提供更快，更便宜的解決方案。以太坊即將發生的發展的不確定性也助長了這一趨勢。內部關於可伸縮性策略和生態系統領導力變化的辯論破壞了投資者的信心。

Capital flows confirm this growing imbalance. In 2024, bitcoin captured 90 % of institutional investments in the crypto sector, leaving Ethereum ETFs lagging behind. This divergence reveals a grim reality for ETH. If the ETH/BTC pair crosses the critical threshold of 0.030 BTC, a new downward phase could begin, further weakening its status as a leader among altcoins.

資本流動證實了這種不平衡的不平衡。 2024年，比特幣捕獲了90％的機構投資在加密貨幣領域，使以太坊ETF落後。這種差異揭示了ETH的嚴峻現實。如果ETH/BTC對越過0.030 BTC的臨界閾值，則可以開始新的下降階段，從而進一步削弱了其作為AltCoins領導者的地位。

In this context, a major question arises: Can Ethereum still reverse the trend, or is it doomed to lose its influence to bitcoin? The history of the crypto market has already proven that volatility can reshuffle the cards, but this time, the dynamics seem more structural than cyclical.

在這種情況下，出現了一個主要問題：以太坊能否扭轉趨勢，還是注定要失去對比特幣的影響？加密市場的歷史已經證明，波動性可以改善卡片，但是這次，動態似乎比周期性更具結構性。

Ultimately, bitcoin’s ascent rests on three solid pillars: massive institutional adoption, increased political support, and a market of altcoins struggling to compete. In the face of this dynamic, some analysts, such as those at Standard Chartered, predict a BTC at $200,000 by the end of 2025, driven by increasing flows to ETFs and public reserves. However, this dominance is not an absolute certainty. The history of cryptos has always been marked by cycles of innovation and reversals. If bitcoin continues to institutionalize, its role could evolve into that of a fully-fledged financial asset, detached from the traditional crypto market. Conversely, a new generation of altcoins, driven by technological advances, could attempt to challenge its supremacy. In either case, the bitcoin has never been so dominant. It remains to be seen whether this position will be definitively secured or still contested in the years to come.

最終，比特幣的上升基於三個堅實的支柱：大量的機構採用，增加的政治支持以及努力競爭的山寨幣市場。面對這種動態，一些分析師（例如標準特許的分析師）預測，到2025年底，BTC的價格為2025美元，這是由於向ETF和公共儲備的流量增加而驅動。但是，這種主導地位並不是絕對的確定性。加密的歷史一直以創新和逆轉的循環為標誌。如果比特幣繼續制度化，它的作用可能會演變為與傳統加密市場分離的成熟金融資產的作用。相反，由技術進步驅動的新一代AltCoins可能會試圖挑戰其至高無上的地位。無論哪種情況，比特幣從未如此占主導地位。在未來幾年中，該職位是否將被確定或仍在競爭。

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Holder of a Sciences Po Toulouse degree and a blockchain consultant certification from Alyra, I joined the Cointribune adventure in 2019. vinced of blockchain'

我於2019年加入了Cointribune冒險。